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1、Unit3UnderstandingIndividualMarkets:DemandandSupplyAmarketisagroupofbuyersandsellersofaparticulargoodorservice.Thetermssupplyanddemandrefertothebehaviorofpeople...astheyinteractwithoneanotherinmarkets.WhatIsaMarket?DEMANDQuantitydemandedistheamountofagoodthatb
2、uyersarewillingandabletopurchase.LawofDemandThelawofdemandstatesthat,otherthingsequal,thequantitydemandedofagoodfallswhenthepriceofthegoodrises.DemandBelowisalistofsomefactorswhichmaybeexpectedtoinfluenceconsumers:ThepriceofthegoodThepricesofrelatedgoodsIncome
3、ExpectedfuturepricesPreferences,tasteandfashionTheDemandCurve:TheRelationshipbetweenPriceandQuantityDemandedDemandScheduleThedemandscheduleisatablethatshowstherelationshipbetweenthepriceofthegoodandthequantitydemanded.TheDemandCurve:TheRelationshipbetweenPrice
4、andQuantityDemandedDemandCurveThedemandcurveisagraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded.Figure1Catherine’sDemandScheduleandDemandCurvePriceofIce-CreamCone02.502.001.501.000.501234567891011QuantityofIce-CreamCones$3.00121.Adecreaseinpr
5、ice...2....increasesquantityofconesdemanded.MarketDemandversusIndividualDemandMarketdemandreferstothesumofallindividualdemandsforaparticulargoodorservice.Graphically,individualdemandcurvesaresummedhorizontallytoobtainthemarketdemandcurve.TheMarketDemandCurvePr
6、iceofIce-CreamConePriceofIce-CreamConePriceofIce-CreamCone2.002.002.004371.001.001.008513QuantityofIce-CreamConesQuantityofIce-CreamConesQuantityofIce-CreamConesCatherine’sDemandNicholas’sDemandMarketDemand+=Whenthepriceis$2.00,Catherinewilldemand4ice-creamcon
7、es.Whenthepriceis$2.00,Nicholaswilldemand3ice-creamcones.Themarketdemandat$2.00willbe7ice-creamcones.Whenthepriceis$1.00,Catherinewilldemand8ice-creamcones.Whenthepriceis$1.00,Nicholaswilldemand5ice-creamcones.Themarketdemandat$1.00,willbe13ice-creamcones.Them
8、arketdemandcurveisthehorizontalsumoftheindividualdemandcurves!ShiftsintheDemandCurveChangeinQuantityDemandedMovementalongthedemandcurve.Causedbyachangeinthepriceoftheproduct.0DPric
